Year No. Offer Mode Description Cred. Pts 01 52130 S1 X TAXATION LAW 1.00
52002 + 52005 It is highly recommended that you successfully complete units 52002 and 52005 before enrolling in this unit. If you have not, you may find it difficult to successfully complete this unit.
An understanding of the principles of taxation is one of the most important and useful tools for anyone seeking advancement to senior management status in the corporate world, to those providing accounting or financial services to business and to those seeking to be professional accountants or lawyers. It is also equally important for individuals in managing their personal affairs. There would be no major business decision in Australia, from the purchase of an item of plant to the overall organisation of a business structure, which is taken without regard to the taxation implications. Indeed, tax is often the motivating factor behind a decision or action. A study of taxation law involves not only an attainment of knowledge of the provisions of the various Tax Acts, but also a large volume of case law which has defined and/or clarified both the acts or general concepts not defined in the Acts, as well as the ability to apply this knowledge to factual situations.
In order to participate in the planning of a client's tax affairs it is necessary to understand the relevant sections of the appropriate taxation laws applicable to the transaction or entity structure. This unit primarily introduces students to the Income Tax Assessment Act (ITAA) and the Goods and Services Tax Act 1999 (GSTA). Topics covered include assessable income, capital gains tax, allowable deductions, goods and services tax, classes of taxpayers, calculation of tax payable and offsets/rebates of tax, tax administration provisions and the taxation of business entities.
On successful completion of this unit students will be able
to:
Description Weighting(%)
- Concepts of Assessable Income (including, legislative 24.00 scheme; derivation of income; residence and source; an introduction to international taxation; assessable income- general and specific; personal exertion, business and property income; trading stock; exempt income; other taxes and charges).
- Allowable Deductions (including, general and specific 20.00 deductions; timing of deductions; employment deductions; depreciation; substantiation; primary production; tax losses; superannuation; fringe benefits tax).
- Capital Gains Tax (including, assets; acquisitions and 14.00 disposals; calculation of gains and losses; exemptions; consequences of death; composite assets; rollovers; entities including partnerships; special assets).
- Goods and Services Tax (including a discussion of the key 12.00 features of the GST Law, the liability to pay GST, registration, GST-free supplies, input taxed supplies, taxable supplies, creditable acquisitions, tax periods, transitional issues, specific transactions, compliance, the impact of GST on business and accounting for GST transactions).
- Taxation of Entities (including, the tax treatment of 14.00 partnerships, companies, trusts, superannuation funds; tax planning; anti- avoidance).
- Tax Administration (including, self-assessment; returns; 8.00 collection mechanisms; tax offences and penalties; assessments and amended assessments; record keeping; tax agents; Commissioner's rights of access and investigation).
- Offsets/Rebates, Tax Rates, Medicare Levy (including, 8.00 concessional offsets/rebates; other offsets/rebates including imputation and zones; calculation of tax payable by individuals, companies, trusts, superannuation funds; medicare levy; foreign tax credits; witholding taxes).
Barkcozy S, 2000, Australian Tax Casebook, 5th edn, CCH Australia
Limited, North Ryde, NSW.
2001 Australian Tax Handbook, 2001, Australian Tax Practice, North
Ryde, NSW.
Reference materials are materials that, if accessed by students, may improve their knowledge and understanding of the material in the unit and enrich their learning experience.
CCH Tax Editors, 2001, Master Tax Guide, CCH Australia Ltd, Sydney.
Coleman, C. et al, Income Tax Analysis: Cases, Questions and
Commercial Applications, (most recent edition), Australian Tax
Practice, North Ryde, NSW.
Cooper, G.S., Krever, R.E. & Vann, R. Income Taxation: Commentary and
Materials, (most recent edition), Australian Tax Practice,
Kobetsky, M., Dirkis, M. & Krever, R. Income Tax: Text, Materials and
Essential Cases, (most recent edition), Federation Press, Sydney.
Lehmann, G. & Coleman, C. 1998, Taxation Law in Australia, 5th edn,
Australian Tax Practice, Sydney, 1998.
Woellner, R. et al, Australian Taxation Law 2001, CCH Australia Ltd,
North Ryde, NSW.
ACTIVITY HOURS Directed Study 52 Private Study 93 Assessments 20
No *F/S Marks Due Description Wtg(%) LBL WWW 1 S 100.00 26/03/01 CMA TEST 1 2.00 Y N 2 S 100.00 16/04/01 CMA TEST 2 2.00 Y N 3 S 100.00 14/05/01 CMA TEST 3 2.00 Y N 4 S 100.00 25/05/01 CMA TEST 4 2.00 Y N 5 S 100.00 18/05/01 ASSIGNMENT 20.00 Y N 6 S 100.00 18/06/01 CMA TEST 5 2.00 Y N 7 S 100.00 END S1 3 HOUR EXAMINATION 70.00 N N
1 TO GAIN A PASSING GRADE IN THE UNIT A STUDENT MUST: a) obtain a
passing mark in aggregate for the unit's assessment items, b)
obtain a passing mark in the formal exam, AND C) submit genuine
attempts for the following MANDATORY items of assessment;
ASSIGNMENT AND CMAs
2 Students must retain a copy of all pieces of assessment which
must be produced if/when required by the lecturer.
3 LATE ASSIGNMENTS
3.1 All assessments submitted after the due date (and not approved
for extension) in accordance with university policy will be
penalised 20% per working day.
3.2 If students submit assignments after the due date and wish to
claim extenuating circumstances then they shall provide validated
documentary evidence with the assignment, explaining the
circumstances.
3.3 The unit examiner shall consider the statement accompanying a
late assignment and decide on the outcome.
4 Assignments not submitted in the appropriate assignment folders
will be deemed as not being received.
5 DISHONEST ACTIONS
5.1 Any student who is alleged to having performed a dishonest action
relating to any assessment in the unit will have a course of
action taken against him/her as outlined in the Academic
Regulations.
5.2 Pieces of assessment should be the work of individual students.
Joint pieces of assessment are not permitted unless written
approval has been obtained from the unit leader.
5.3 Dishonest action in relation to assessment includes: - copying or
attempting to copy the work of others; - use of or attempting to
use information prohibited from use in that form of assessment; -
submitting the work of another as your own; - consciously
committing acts of plagiarism, ie taking and using another's
thoughts or writings as one's own with intent to deceive, which
occurs when paragraphs, sentences, a single sentence or
significant parts of a sentence which are copied directly, are
not enclosed in quotation marks and appropriately footnoted or
referenced in the text direct quotations are not used, but text
is paraphrased or summarised, and the source of the material is
not acknowledged by footnoting or other reference in the text.
6 DEFERRED EXAMINATIONS
6.1 Deferred examinations will be granted at the Dean's discretion in
the case of medical or compassionate circumstances having regard
to item 1. If a deferred examination has been granted students
shall normally sit the deferred examination in the semester in
which the unit is next offered, BUT NO LATER THAN THE NEXT
SEMESTER 3 EXAMINATION PERIOD. If, for whatever reason, this
deferred examination is not taken then the student will be graded
`F'.
6.2 Medical evidence on the appropriate University of Southern
Queensland medical certificate or doctor's certificate must be
received by the Faculty Administrator no later than twenty-one
(21) days after examination date. A medical certificate must be
dated with the same date as the period of illness for which the
absence from examination is being sought and clearly indicate the
student's name and, if possible, student number. (Retrospective
medical certificates will not be accepted for either assignment
work or examinations.) Only original or certified medical
certificates will be accepted.
6.3 A student's medical condition must be stated clearly (IN
ENGLISH). (Certificates stating a student has a `Medical
Condition' may not be sufficient grounds for deferment of
examination). Medical evidence must cover the student for the
day(s) of the missed examination(s).
6.4 Requests must be in writing to the Faculty Administrator clearly
stating the student name and number, unit number of the
examination missed due to illness and current address. Deferral
of an examination CANNOT be granted on an existing deferral in
that unit.
6.5 Requests on grounds other than medical MUST BE supported by
documentation.
6.6 Students must have submitted a genuine attempt at all mandatory
assessment items.
6.7 Students who have a medical condition or have genuine
compassionate or work related problems on the day of the
examination are advised to obtain documentary evidence and NOT
attempt the examination. If a student makes an attempt at the
examination, the assessment item will be marked and a grade
awarded. In these cases, a student cannot, after receiving a
`Fail' grade, request a deferred examination or special
consideration.
6.8 Students who have been granted deferred examinations will not be
granted a waiver of prerequisites, without the permission of the
Heads of Department, in subsequent semesters (if they do not have
a passing grade).
7 Unit weightings of topics should not be interpreted as applying
to the number of marks allocated to questions testing those
topics in an examination paper. The examination may test material
already tested in assignments.
8 Mechanised erasers are not permitted in exam venues.
9 The examination is OPEN BOOK which means that students are
permitted to bring into the exam room and use any written or
printed material. Students will be allowed to bring a quiet,
battery-operated non-programmable calculator into the
examination. Dictionaries are permitted to be used in the
examination.
10 Students should also refer to the Faculty of Commerce 'Guide to
Policies and Procedures' section of the University Handbook for
further information on the above matters.